Tullow Oil PLC (TLW.LN) plans to sell half of the oil blocks it owns in Uganda to one or two major oil companies that would help in the development of infrastructure in the region, the company's Chief Executive Aidan Heavey said Monday.

Tullow will hold 100% of the three oil blocks in Uganda's Lake Albert region after acquiring Heritage Oil PLC's (HOIL.LN) half-share in blocks 1 and 3A. Heritage had agreed to sell those assets to Eni SpA (E), but Tullow exercised its right to pre-empt that sale Sunday.

Tullow's pre-emption will be successful if Uganda's government approves the deal and no other companies make a higher bid before Jan. 25.

Tullow intends to submit a development plan, including a shortlist of potential partners, to the Ugandan government shortly and hopes to have it approved by the first week of February, Heavey said.

Tullow would ideally like to bring one or two major oil companies with experience of constructing the long pipeline and refinery that the development will entail into its Ugandan assets, he said.

Company Web site: www.tullowoil.com

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com
Tintra (LSE:TNT)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024 Plus de graphiques de la Bourse Tintra
Tintra (LSE:TNT)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024 Plus de graphiques de la Bourse Tintra